Key Takeaways TD Cowen sees growing interest in finance built around bitcoin. Blackrock described ETFs and self-custody as complementary. Privacy and security are emerging as institutional issues. Bitcoin Becomes the Basis for New Financing Bitcoin is becoming the foundation for a wider set of financial products, according to TD Cowen’s account of the Sept. 28 Bitcoin Treasuries Conference in New York. TD Cowen is a division of TD Securities. Its equity analyst Lance Vitanza, CFA, examined discussions of capital formation, collateral, and funding structures in a Sept. 29 sector note titled “Three Themes Shaping the Next Phase of Institutional Bitcoin …


